FXStreet – The British pound heard on Friday of the weakest currencies in the FX universe, due to the uncertainties related to the elections in the UK, which take place in the coming week. The currency pair GBP/JPY gave in the last hours, all of its week’s gains and is on the way to the Maitiefs.
The Cross jumped to the week’s kick-off to a new 1-week High at 143,93 and then turned to the South. The decline of the currency pair accelerated after the publication of the US labour market report and the Japanese Yen appreciating on a broad Front. The GBP/JPY fell on 142,00, which marked the lowest level since Wednesday. Most recently, he was listed on 142,45/50 and 100 Pips in the Minus.
The price fall was also aided by the weakness of the British pound, which could only benefit moderately from the case of quotations of the US dollar in reaction to the NFP data.
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Due to today’s downward movement, the negative orientation of the currency pair has been confirmed from a chart technical point of view. To trade opening, it was listed temporarily on the downward trend of the Maihochs, but the pound was unable to stabilize it, and under step, this distinctive line of support. A Daily close below 142,00 would increase the bearish pressure and well-rate losses on the medium term, well-established support line at 140,50/60.
On the top side, the currency needs some consolidation about the 144,00, the said downtrend line to break. The next key hurdle is the 20-day line at 144,80. With a stabilization in rates would I profits in the direction of 146,00 possible.
** FXStreet News Editorial, FXStreet**